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Term Definition
Discretionary Grounds For Possession
Grounds that may be cited in possession proceedings which allow the court discretion as to whether or not to grant possession there are also eight mandatory grounds for possession.

The discretionary grounds cover circumstances in which: -> the landlord has offered suitable alternative accommodation on the same basis;
  • there are rent arrears but not of more than eight weeks (or two months if the rent is paid monthly, or one quarter if paid quarterly)
  • there are persistent and continuing rent arrears
  • the tenant has breached the terms of the tenancy agreement
  • the tenant has neglected or damaged the property or has sub let
  • the tenant is causing nuisance to neighbours; furniture supplied under the tenancy agreement has been damaged
  • the accommodation is linked to employment which has ended
  • the tenant has knowingly or recklessly made false statements on which the landlord has relied in granting a tenancy
Down Payment
Amount of payment in cash by the purchaser to the lender.
Due Diligence
Activities you undertake to ensure that all is well with the property you are looking to purchase. This involves getting comparables for both rentals and property values in the area.

See http://www.justdoproperty.co.uk/due-diligence-in-15-minutes
Early Repayment Charge
A charge payable on some mortgages to cover administration costs in the event of a loan being repaid before the due date
A right, such as a right of way, which the owner of one property has over an adjoining property.
Empty Dwelling Management Order
May be made by a local housing authority in respect of dwellings which are wholly unoccupied.

An interim EDMO is an order made by a local housing authority to enable it to take steps for the purpose of securing that a dwelling becomes and continues to be occupied.

A final EDMO is made in succession to an interim EDMO for the purpose of securing that a dwelling is occupied
Endowment Mortgage
An endowment life assurance policy is taken at the start of a mortgage. Throughout the term of the mortgage, payments made by the borrower cover only the interest due on the loan.

The capital sum borrowed is paid back in one lump sum at the end of the loan period, using the proceeds from an endowment policy taken out at the start of the mortgage
Energy Performance Certificate
Assessment of household energy usage.

Certificates give properties a rating from A to G and the extent to which this can be lowered if the recommendations of the Domestic Energy Assessor preparing the certificate are adopted.

Dwellings offered for sale must have an EPC that is not more than 12 months old, and from October 2008 rental properties must have a certificate that is not more than 10 years old.

Refer to our article for more information.
Equitable Interest
This is when someone has some legal rights to a property but these rights do not include the right to sell its legal title.
This is the difference between the market value of a property and the amount of the mortgage that is still owed to the lender on that property.
Equity Release
The act of releasing some of the equity, or the value you have built up in your home, without having to move out or sell it on the open market. Also used to refer to straightforward re-mortgaging, although there maybe other schemes available.
Escrow Account
A 3rd party bank account into which funds are paid, usually for the fulfilment of a mortgage or other contract.
Estate Agent
Agent for the selling, renting or management of homes, land and other buildings
Estimated Restricted Realisation Price
Money expected to be achieved within a short timescale from the sale of assets by auction, tender or private treaty. Crisis figure. Replaced forced sale value.
European Central Bank
The European Central Bank (ECB) is the institution of the European Union (EU) which administers the monetary policy of the 17 EU Eurozone members states.

The primary objective of the ECB is to maintain price stability within the Eurozone, or in other words keep inflation low.